Market Size of Saudi Arabia Major Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.30 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Major Home Appliances Market Analysis
Saudi Arabia's major home appliances market has experienced steady growth over the past years, and the trend is forecasted to continue in the following decade. Saudi Arabia forms one of the largest home appliances markets in the GCC, considering the increasing purchasing power of consumers. Rapid urbanization is the main driving factor for the growth of the household refrigerator market in the country. Replacement sales are gaining traction all over the world, with a vast majority of the population willing to replace the existing refrigerator with smarter, innovative, and new tech refrigerators. A rapid rise in disposable incomes has led to mid to high-income consumers favoring premium, sophisticated, and higher-priced models, hence pushing the value sales of household refrigerators in the country.
Many consumers purchase new major home appliances when they move home, but COVID-19 led to a significant reduction in this. Al Jabr Trading Co, which distributes the Chinese brand Haier in Saudi Arabia, remains the leader in refrigeration appliances in terms of retail volume share, just ahead of LG Electronics Saudi Arabia Ltd. Haier refrigeration appliances tend to be very competitively priced - a particularly important factor during 2020 when economic uncertainty made many consumers more price-sensitive than ever. Saudi Arabia imports the highest number of major home appliances like refrigerators from China.
